Refunds and Withdrawals - Greenville Technical College
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Transcript Refunds and Withdrawals - Greenville Technical College
Financial Aid Basics
Financial aid is money provided by the
federal and state government, and by
some colleges and universities to help
students pay for college.
Financial aid can come in the form of a
grant, a work-study job, loan or a
scholarship.
There is a difference between grants and
loans.
Your Responsibilities as a Student
Stay enrolled, attend your
classes and make good grades.
If you are falling behind in your
classes, talk with your
instructor/advisor and consider
tutoring to help improve your
grades before withdrawing.
Once classes begin and you
have received your refund from
GTC, if you withdraw from your
classes prior to the 60% point
in the term, you will owe a
repayment based on Federal
regulations.
Options: Save, Spend or Return
SAVE IT
Pros:
Help pay for summer
term classes after you
have already used Pell
Special fund for
emergencies (car repair,
replacement of computer,
etc)
Cons:
Will have to repay your
loan
Options: Save, Spend or Return
SPEND IT
Pros:
Smart spending—child care
costs, transportation,
buying/replacing a computer
Cons:
Will have to repay your loans
Blowing your refund on
temporary “needs”—new
wardrobe, rims, parties, etc
Options: Save, Spend or Return
RETURN IT
Pros:
Won’t have to repay
loans because you’ve
returned the money to
the lender
You won’t graduate
college in DEBT!!
Cons:
NONE
“I don’t have to repay my loans…”
YOU are responsible (not your parents)
for repaying your student loans even if
you do not graduate, have trouble
finding a job, or just didn’t like your
school.
Consequences of Defaulting
Can be sued by the federal government
Wages can be garnished
Federal/state income tax refunds can be
garnished
Social Security benefit payments can be
withheld
Will appear on your credit history, making it
difficult to get a car, credit cards or get a job
May be prohibited from enlisting in the Armed
Forces
Things to Remember….
You WILL have to repay
your loans. There are NO
EXCEPTIONS.
Live with the future in
mind—don’t graduate
college drowning in debt
Stay enrolled and get good
grades. Graduate with
your degree!
FAFSA 2013-2014
FAFSA Fridays February 15th-April 19th (not April 5th)
Will need to make an appointment with Financial Aid
Need to complete your 2012 taxes before attending
Start early and avoiding the waiting in the Fall.